Tuesday, May 3, 2016

Claims of Bankruptcy Ring Hollow As the Hoboken District Enjoys a $5.4 Million Dollar Fund Balance for Fiscal Year 2015

Hoboken's WWII Memorial
Photo credit: Anthony Johnson/CaptureTheSunrise
 
https://www.instagram.com/p/-_ffOOQXQZ/
On January 16, 2016 the Hoboken Board of Education was informed by their accountant and auditor that the district had a fund balance of $5,400,000 for fiscal year 2015. It must be confusing to the pubic to believe their school district is going bankrupt when that district is told they have a fund balance of over $5.4 million dollars. This would appear to be counter intuitive since financing and "adequate funding" is a key argument in the district's lawsuit against the renewal and expansion of the Hola Dual Language School. Worth noting that the fiscal year before, the Hoboken Board of Education was informed they had a fund balance of $1,500,000. It is hard to imagine how a district is going bankrupt with a fund balance that grows in the millions of dollars yearly. 
"But essentially, the expansion of HoLa from 245 students to eventually 405 students is bankrupting us …" -Hoboken Board of Education president and Kids First member Leon Gold (3/13/2014)

Audit Report for Fiscal Year 2015 indicating $5,400,000 fund balance (January 2016)
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Audit Report for Fiscal Year 2014 indicating $1,500,000 fund balance (December, 2014)
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http://ytcropper.com/cropped/rk56d6690f34208